If you run from street, ( Option1)would you have a 2nd meter. That means two bills and two separate charges for base service (around here,that is $34 /meter)plus actual usage.
I'd go Option two.
I just finished doing this, I used direct bury from my barn to another smaller building.so I just added another circut.
When I did my garage/barn, my house service panel is in back of the house ,outside. I did put that in conduit I ran #4 copper, three wires. I took 240 right off the inlet of my house panel (250 amp service)( I can turn off my power at my pole/meter). It's best to run the 240 w/ground to your barn and split it up to 120 in a 100 amp service panel in your barn. Never say you won't have a welder, Handiest think in a rural setting.Some compressors run on 220 now too.I have automatic cut out switch at my meter and I can feed my 9KW generator back to the house thru the welde outlet.
In my barn/shop/garage, I run a 220 welder, a 120 wire feed welder, compressor, two lathes, lights, receptacles, chop saw, table saw, band saw, planner, drill press,two grinders, 1 sander, stock tank heater, door opener, and two block heaters in the winter, but they are never all run at the same time since it is only me working in there. Been at it for 41 years now and have never flipped a breaker.
